HSBC set a new record low rate today but a top mortgage adviser doesn’t expect more rate drops to follow.

The development of Financial Advice New Zealand is now in its consultation stage and is asking what different types of advisers need from a new organisation.

Speaking to NZ Adviser, Michael Dowling and Bruce Cortesi, Working Group, Financial Advice New Zealand said the level and content of the responses to the question survey so far has been impressive.

“As we said when we commenced the Consultation Process, we are working with a blank sheet of paper, and we want to ensure that everyone has an opportunity to provide input on the development of Financial Advice New Zealand.

A range of questions will be posed to the industry online in the run up to the Adviser Forums in January and February next year.

“In Round Two of the Latest Question we’re looking for feedback on what specific types of advisers – mortgage, insurance, investment and financial planners – want to see from Financial Advice New Zealand; an opportunity to share needs and input specific to their area(s) of advice,” they said.

“Financial Advice New Zealand will stand for advice and wave the flag for all advisers. But as we all know, different types of advisers have different needs, and the different areas of advice have different requirements, opportunities and challenges.

“Understanding the detail is crucial and what advisers tell us will lay the foundation for how Financial Advice New Zealand best supports the needs of different advisers.”

Below are a few thoughts from advisers:

“Have strong relationships with lenders so our views are expressed as an industry. Provide guidelines specific to the mortgage industry regarding compliance and best practice.”

“Demonstrate to the public that advisers offer good value to clients, and how much good insurers do in terms of meeting claims.”

“Provide strategic planning ideas and combine expert advice to encourage established firms to introduce new advisers to the industry.”

“To encourage and support professionalism (this could include education, conferences and also maintaining an active and positive media stance).”

“Recognise that financial advice is a broad concept and not a collection of "silo" disciplines. This silo effect does not assist consumers to understand what "real financial advice" is.”

“An effective professional body that: (a) has sufficient voice to lobby on behalf of the profession of financial advice; (b) has sufficient funds and capability to build consumer awareness of the importance of financial advice of to help reduce barriers to consumer participation; (c) has sufficient resources to uphold the standards within the sectors; (d) is able to effectively meet the needs of the diversity of each of the sectors while bringing the appreciation of the value that each sector plays within financial advice to all members.”